Bolsonaro Doesn’t Concede Defeat in Brazil Runoff, Says He’ll Respect Constitution

Bloomberg Línea — President Jair Bolsonaro thanked the 58 million voters who voted for him and referred to “peaceful” demonstrations in the first post-election statement after the second round held on October 30.

His brief speech, in which he did not mention Luiz Inácio Lula da Silva’s victory in the October 30 runoff, was followed by a remark by the Minister of the Civil House, Ciro Nogueira, who stated that the government will start the transition process after talks with Lula’s Party of the Workers (PT) president, Gleisi Hoffman. The speeches were delivered this afternoon, at a press conference at the Alvorada Palace, in Brasília.

“I was always called an anti-democrat, but I always played according to the Constitution”, said Bolsonaro. “I will continue to respect the Constitution.”

Brazil’s Ibovespa (IBOV), Latin America’s largest index by market capitalization, closed the session up 0.86% following President Bolsonaro’s first statements after the October 30 elections. The Brazilian real (BRLUSD) trimmed the gains it got in previous sessions.

It took more than 40 hours for Bolsonaro to state his position after the results were made official on Sunday (Oct 30).

Earlier, Bolsonaro summoned some of his ministers, such as Paulo Guedes and Ciro Nogueira, and invited the ministers of the Supreme Court (STF) for a conversation. The tribunal members, however, turned down the invitation and said they will only go to the Planalto after Bolsonaro officially concedes the defeat.

VIEW +

Protesters Block Roads, Sao Paulo Airport as Bolsonaro Stays Silent over Runoff Results

Supporters of the firebrand president, unhappy with the election result, blocked roads across 23 states and the capital

Bolsonaro’s statement comes amid highway blockades carried out by groups of protesters demonstrating against Lula’s election, raising alarms about the impact on sectors such as logistics, agribusiness, industry, and supermarkets.

Organizations from these sectors publicly manifested against actions by Bolsonaro’s supporters, dissatisfied with his defeat in the election.

The financial market is following the evolution of the truckers’ movement and the turbulence resulting from an independent protest by some truckers against the election results.

Demonstrators have been interrupting the circulation of cars, buses and trucks since Monday night in at least 25 states, as reported by the Federal Highway Police (PRF) to Agência Brasil.

VIEW +

Brazil Markets Advance on Signs Bolsonaro Won’t Contest Lula’s Victory

A press official for Lula’s Workers’ Party said Bolsonaro’s top aide, Ciro Nogueira, offered a meeting place for transition teams

-- News in development